Also, please explain what takes its place, and what happens if we wake up tomorrow and it's simply gone.

If this outcome is not positive, someone let me know whether you have a better idea to mitigate any downside of the elimination of the Fed.

My understanding is that the Fed was established after three rather rapid-fire bank panics -- why do we now think that the establishment of the Fed is a terrible, terrible thing?

Oh by the way -- I don't care about the constitutionality argument. The Fed's been subject to any such arguments for well over a century, and has withstood any such court challenges.

I want to know about the nuts and bolts -- what do you believe the Fed does? What is bad and wrong about what the Fed does?

One more ground rule -- you have to actually explain your position. We're all very impressed if you know there's something called "fractional reserve banking." But you don't "win" by saying something like "The whole system of fractional reserve banking is so *****-backward you can't even tell one end from the other" or some such bullcrap.

Talk to me about nuts and bolts, and tell me what's wrong w/the fed and how you fix it, replace it, or get by without it.

(I.e., are bank panics good? Is it preferable to "ride them out?" Is there some difference in conditions now that renders them moot -- a difference in conditions not dependent on the Fed? Would you do something else to control for this outcome?)